Shackleton Advisers has announced the completion of a majority investment from funds managed by Lee Equity Partners after receiving approval from the Financial Conduct Authority (FCA).

The investment was initially announced in June, when the existing private equity investor Sovereign Capital Partners exited the UK-based IFA and wealth management firm.

Sovereign Capital Partners initially backed Shackleton (formerly Skerritts) in 2021, and has since partnered with the management team on a buy & build programme in an effort to consolidate the IFA and wealth management sector.

During that time, the firm completed 18 acquisitions and rebranded to Shackleton in December 2024, with the business now consisting of more than 400 staff, including 100 advisers.

Shackleton said it has ambitious plans to expand the availability of its advice proposition, with Lee Equity’s investment aiming to support the firm’s strategic priorities as it looks to capitalise on organic growth momentum and opportunities arising from industry consolidation.

Lazard provided Shackleton with M&A advice, while Pinsent Masons acted as legal adviser.

Lee Equity was advised on M&A by Evercore, and Proskauer provided the investor with legal advice.

“I’d like to offer my thanks, once again, to Sovereign for all their support over the years,” said Shackleton chair, Andrew Fisher.

“In Shackleton, I believe we are building a remarkable, modern business with the ability to meet the financial planning needs of people across Britain, and I’m delighted to continue my role as chair with Lee Equity and management.

“Lee Equity’s substantial investment in Shackleton, combined with the expertise that the investment team brings, will enable us meaningfully to accelerate our growth, and to invest in the services we are able to offer clients, and the people who deliver them.”

Lee Equity partner, Danny Rodriguez, commented: “The UK market for financial advice is one of the world’s largest, and yet it remains underserved and highly fragmented.

“We had spent multiple years in search of the right business to partner with, and we are delighted to have found that in Shackleton. We believe the company’s first-rate leadership team, clear strategy, and differentiated client experience for the mass-affluent market will enable the business to continue on its strong growth trajectory.

“There is a substantial need across the UK for Shackleton’s distinctive advice proposition, and it is a privilege to be able to support its outstanding potential over the years ahead.”

Sovereign Capital Partners partner, Alex Hay, added: “It has been an absolute pleasure to have partnered with the Shackleton team, and to have witnessed the transformation of the business into a leading, nationwide financial planning firm.

“We have every confidence that the business will continue to thrive and to grow under the expert leadership of Paul, Andrew and the broader team, and with the significant support of such a highly respected international investor as Lee Equity. We offer Shackleton and Lee Equity our very best wishes for what looks set to be an exciting partnership and future.”

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